WASHINGTON – Mortgage rates declined significantly this week as the benchmark 30-year-rate fell below 6%, according to Freddie Mac.
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The average for a 30-year, fixed-rate loan fell to 5.87% this week, from 6.13% last week; while the average for a 15-year, fixed-rate mortgage dipped to 5.27%, from 5.60%.
Short-term rates held steady, with the average for the one-year ARM inching up to 5.15%, from 5.14% last week; and the average for the five-year ARM inching down to 5.56%, from 5.58% last week.
Frank Nothaft, chief economist for Freddie Mac, said long-term rates declined in response to efforts to pump more funds into the troubled mortgage market. “Mortgage rates fell this week as various actions were taken to improve market liquidity,” he said.
